In the rapidly evolving world of blockchain and crypto, startups are continuously working towards solving major challenges faced by existing blockchain networks. One such startup, Shardeum, recently announced its successful fundraising rounds, raising a total of $23.6 million. This blog post will delve into the details of Shardeum’s funding, its mission, and the potential impact it could have on the blockchain industry.

About Shardeum:

Shardeum is an EVM-based smart contract platform that aims to solve the trilemma affecting most blockchains: scalability, security, and decentralization. Traditionally, blockchain networks have had to prioritize two of these attributes, but Shardeum aims to achieve all three. The startup achieves this by employing a technique called sharding, which partitions the network into shards, allowing for more transactions to be processed, verified, and validated in parallel.

Funding Rounds:

Shardeum’s funding journey consists of two significant rounds. In the first round, the startup raised $18.20 million, with a valuation of $199 million. The round was announced on October 18, 2022, and saw participation from notable investors such as The Spartan Group, Jane Street Capital, Big Brain Holdings, and Foresight Ventures.

In the second round, Shardeum secured an additional $5.40 million, with a valuation of $248 million. This round was announced on July 7, 2023, and saw support from Amber Group, TRGC, J17 Capital, and Jsquare.

Potential Impact:

Shardeum’s successful fundraising rounds indicate investor confidence in the project and its potential to disrupt the current blockchain landscape. By combining sharding with proof-of-stake and proof-of-quorum consensus mechanisms, Shardeum aims to process more than 100,000 transactions per second with 100,000 nodes, maintaining low latency of 10 seconds.

Furthermore, Shardeum is striving to facilitate the transition of Ethereum developers to its platform by maintaining EVM compatibility and stable gas fees. This approach could lead to increased adoption and support from the developer community, further enhancing the overall value proposition of the project.

The success of Shardeum’s fundraising rounds highlights the growing interest in scalable and efficient blockchain solutions. By employing sharding and other innovative techniques, Shardeum aims to achieve a unique balance of scalability, security, and decentralization. With the support of prominent investors and a clear vision for the future, Shardeum has the potential to make significant strides in the blockchain industry. It will be interesting to see how the project progresses and the impact it has on the broader crypto community.

Disclaimer: This is not financial advice. Readers should do their own research before engaging in any investment activities.